The Disappearing Altcoin Issue 10: The Old Coins
Litecoin, an old coin born in 2011, peaked at 400 USD, now around 54 USD, down 90%. It was once known as 'Bitcoin Gold, Litecoin Silver', the little brother of Bitcoin, with fast transfers and low fees; it enjoyed its moment during the 2017 bull market. What happened later? Bitcoin adopted the Lightning Network, Ethereum got L2, and fast transfers became a common feature. Litecoin lost its uniqueness. Being second is the most awkward position, overshadowed by the big brother ahead and chased by newcomers behind.
Bitcoin Cash, which forked from Bitcoin in 2017, once exceeded 4000 USD, now around 482 USD, down over 80%. The 'block size debate' back then caused a huge uproar, with the BCH community claiming 'the real Bitcoin', aiming for larger blocks and lower fees. Eight years later, Bitcoin remains Bitcoin, while BCH has become 'the longest surviving Bitcoin fork'. The prince was dethroned, but the throne was not seized, becoming a mere bystander.
Ethereum Classic, forked from Ethereum in 2016, peaked at 170 USD, now 8 USD, down 95%. The DAO incident led to Ethereum hard forking, and ETC preserved the original chain, with the slogan 'Code is Law'. What about the outcome? Vitalik took Ethereum on a wild ride, while ETC remained behind as a fossil. Occasionally, it gets a brief boost during 'halving events', but its ecosystem is virtually non-existent. Classic is classic, but being classic means being outdated.
LTC, BCH, and ETC are all forks, all wanting to be 'the better one', yet none succeeded. The current problem is simple: there are no new stories to tell. Technology, ecosystem, trends, none are relevant. The old coins aren't dead, but have been forgotten by the market!
